Investment Rating - The report maintains an "Add" rating for the industry [1] Core Insights - Lin Qingxuan, a leading domestic high-end skincare brand, has officially submitted its application to the Hong Kong Stock Exchange, marking a new chapter in its capitalization [4][9] - The company has experienced rapid growth in recent years, with revenue increasing from 691 million RMB in 2022 to 1.21 billion RMB in 2024, representing a CAGR of 32.3% [12][20] - Lin Qingxuan ranks first among domestic high-end skincare brands in China by retail sales, and is the only domestic brand in the top 15 high-end skincare brands [27] Industry Overview - The high-end domestic skincare market is characterized by strong performance from brands like Lin Qingxuan, which focuses on anti-aging and tightening products [4][9] - The company's flagship product, Camellia Oil, has seen significant growth, with a CAGR of 43% from 2022 to 2024 [20][25] - Online sales channels have doubled, with online revenue accounting for 59.1% of total revenue in 2024, compared to 40.8% from offline channels [25][26] Financial Performance - Lin Qingxuan's net profit improved from a loss in 2022 to 186 million RMB in 2024, with a net profit growth of 121% year-on-year in 2024 [12][20] - The company's gross margin has increased from 78% in 2022 to 82.5% in 2024, reflecting improved profitability [12][18] Market Dynamics - Recent promotional events, such as the 618 shopping festival, have highlighted the strong performance of domestic beauty brands, with Lin Qingxuan and others gaining significant market share [28] - The report suggests that Lin Qingxuan's successful market positioning and product innovation will continue to drive growth in the high-end skincare segment [4][29]
商贸零售行业跟踪周报：林清轩正式递表港交所，国产高端护肤开启资本化新篇章
Soochow Securities·2025-06-04 00:23